DIA to join plan to save Detroit-owned artwork
Thu, 30 Jan 2014 15:23:20 GMT —
Officials say the Detroit Institute of Arts will announce a $100 million fundraising effort to help stave off the potential sale of city-owned pieces in its collection.
Mediators in Detroit's bankruptcy said Wednesday that the museum is prepared to join the state and foundations in a plan to help preserve pension benefits for city retirees.
Foundations and individuals have pledged $370 million, including $40 million from the W.K. Kellogg Foundation.
Governor Rick Snyder separately is trying to win approval for $350 million from the state.
State-appointed emergency manager Kevyn Orr has said artwork owned by Detroit could be vulnerable during the bankruptcy.
Orr says the city's debt is at least $18 billion with its pension funds short by $3.5 billion.